Bitcoin (BTC) is down more than 4% this week, indicating that bears are active near $70,000. However, Bitcoin investors seem to be viewing the decline as a buying opportunity. Market intelligence firm Santiment noted in X’s post that buying surged as Bitcoin fell to $66,600, but selling interest remained dormant.
Even as Bitcoin tries to find a near-term bottom, Ethereum (ETH) is attempting to bounce back from its recent downturn, which saw it fall below $3,400 on June 14th. The low level of robust demand may be due to the anticipated launch of spot Ethereum exchanges. Exchange traded fund (ETF). Bloomberg ETF analyst Eric Balchunas expects the Ether ETF to begin trading as early as July 2.
The recent weakness in Bitcoin has increased selling pressure on several altcoins, which have fallen close to or below immediate support levels. However, if Bitcoin makes a comeback, some altcoins are likely to see solid buying at lower levels.
Could Bitcoin’s relief rally push the cryptocurrency market higher? Let’s take a look at the top five cryptocurrencies that are showing strength on the charts.
Bitcoin Price Analysis
Bitcoin fell below the 50-day simple moving average ($66,147) on June 14, but the bulls failed to sustain it lower. This shows that buyers are trying to defend the 50-day SMA.
The 20-day exponential moving average ($67,863) has started to decline and the Relative Strength Index (RSI) is in negative territory, indicating that bears have the upper hand. If the BTC/USDT pair declines from current levels or the 20-day EMA and falls below the 50-day SMA, it suggests the start of a deeper correction towards $60,000.
If buyers want to make a comeback, they will need to quickly push the price above the 20-day EMA. This would pave the way for an advance up to $72,000 where the weakness could again pose a strong challenge.
For a while, the pair remained in a range between $64,602 and $72,000. Buyers are trying to start a recovery from the $65,000 level where it is likely to face selling at the moving average. If a buyer clears this hurdle, the pair could go up to $70,000.
Contrary to this assumption, if the price falls from the moving average, it would be a sign that sentiment remains negative and bears are selling on each rally. The pair could then fall to $64,602. This is an important level to watch carefully as a break below this level could start a collapse towards $60,000.
Ether Price Analysis
Ethereum rebounded sharply from its 50-day SMA (3,415) on June 14, suggesting lower levels are attracting buyers.
The 20-day EMA ($3,612) is an important level to watch out for. If buyers are pushing the price above the 20-day EMA, it means the correction may have ended. The ETH/USDT pair will then try to rise to $3,730 and later to $3,977.
This optimistic outlook will be invalidated in the short term if the price declines from the 20-day EMA and falls below the 50-day SMA. This could initiate a decline towards the important support level at $2,850.
The pair has risen above the 50-SMA, indicating that selling pressure is waning. If the bulls hold the price above the 50-SMA, it signals the start of a strong recovery. The pair could rise to $3,730, which is expected to act as resistance. If the price breaks below the overhead resistance but bounces off the 20-EMA, a break above $3,730 becomes more likely. The pair could then rise to $3,887.
Conversely, if the price declines and plunges below $3,362, it indicates that the bears have aggressively sold the rally. This could cause the price of ETH to fall to $3,000.
Toncoin price analysis
Toncoin (TON) completed a bullish ascending triangle pattern after breaking above $7.67 on June 13th. The price fell from $8.29 on June 15 to retest the $7.67 breakout level, which is likely to witness a tough fight between bulls and bears. .
If the price bounces from $7.67, it is a sign that the bulls have switched to a support level. Buyers will then try to raise the price above $8.29. If successful, the TON/USDT pair could begin its journey towards $10.
Instead, if the price falls below $7.67, it means that the market has refused to break out. The pair may slip towards the rising trendline, which is an important level for the bulls to defend. If the price rises above the uptrend line, the bulls will attempt to resume the uptrend. However, if the level is broken, the selling could intensify and the price of TON could fall to $6.
The price bounced off the 20-EMA, which indicates bulls are continuing to buy the bears. The bulls will try to push the price up to the overhead resistance of $8.29. This level could act as a strong barrier, but if the bulls prevail, the pair could begin the next phase of the uptrend.
Conversely, if the price declines and falls below $7.67, it means that the bullish trend is losing steam. The pair may fall towards the 50-SMA and then towards the uptrend line where buyers are expected to intervene later.
Related: Bitcoin Whale Watching Is ‘Useless’ for Information — Trader
Uniswap price analysis
Uniswap (UNI) rose from its 50-day SMA ($9) on June 12 and reached the overhead resistance of $12 on June 15.
The bears are expected to strongly defend $12, which was a strong resistance point on May 26 and June 4. However, the 20-day EMA ($10.24) has started to rise and the RSI is also in positive territory. It’s a sign that the path of least resistance is upward. If buyers push the price above $12, the UNI/USDT pair could rise to $13.34 and then to $15.
If the bears want to stop the advance, they will have to push the price back below the 20-day EMA. This could sink the pair to its 50-day SMA.
Looking at the 4-hour chart, we can see that the price is consolidating near overhead resistance, which suggests that the bulls are in no rush to book profits in anticipation of another rally. A rising 20-EMA and RSI in positive territory indicate that the bulls are in control. The pair is likely to gain momentum above $12 and reach $13.34.
Alternatively, if the price declines from $12 and falls below the 20-EMA, it means the bulls are rushing for the exit. The price could then go down to the 50-SMA.
Monero price analysis
Monero (XMR) has been on the rise for several days, but buying accelerated after the price broke above the $153 resistance level.
The bears are trying to halt the rally at $180, but the bulls are not allowing the price to fall below the 20-day EMA ($163). This means that buying when the bullish trend is slightly down increases the chances of breaking above $180. If that happens, the XMR/USDT pair could rise to strong overhead resistance at $190.
This bullish outlook will be invalidated in the near term if the price declines sharply and falls below the 20-day EMA. The pair may then continue to decline until it finds support at $153.
Looking at the 4-hour chart, we can see that the pair is trading within a descending channel pattern. If the price rises from the moving average, the bulls will again attempt to pull the pair above the channel. Doing so would improve the prospects of a rally above $180.
Conversely, if the price falls below the moving average, it means the bulls have given up. The price could then fall to $169 and then support. A break below the channel indicates that the bears have taken control.
This article does not contain investment advice or recommendations. All investment and trading activities involve risk and readers should conduct their own research when making any decisions.